Economics Quiz

What does economics study?

• Only financial systems and stock markets

• People and choices

• Natural resources exclusively

• Technological advancements

What do economists investigate?

• How to create unlimited resources

• Choices and how to make people worse off

• Choices and how to make people better off in terms of their living standards

• Only the history of economic systems

How is the world of economics described in the text?

• Static and predictable

• Limited to certain geographical areas

• Everywhere, occurring right now all around you, and always changing

• Only focused on past events

According to the text, what is the nature of the economic environment?

• Constant and unchanging

• Always changing and full of surprises and opportunities

• Declining and full of risks

• Simple and easy to understand

What is the main objective of conducting a business?

• To provide free services

• To make important contributions to the economy

• To make a profit

• To create jobs

Which of the following can be considered a business activity?

• Mowing neighbours' lawns for a fee

• Volunteering at a local charity

• Studying for a school exam

• Playing a game with friends

Aside from making a profit, what is another contribution that businesses make?

• They solely focus on profit-making

• They contribute to political campaigns

• They make important contributions to the economy

• They provide entertainment to the community

How many key concepts can help us to make sense of the world according to the Economics and Business concepts presented?

• Four

• Five

• Six

• Seven

Which of the following is NOT one of the six key concepts listed in the Economics and Business concepts?

• Scarcity

• Allocation and markets

• Economic performance

• Consumer behavior

What can the Economics and Business concepts assist us with?

• Identifying questions and guiding investigations

• Assisting decision making about the world we live in

• Imagining a different world

• All of the above